BlackRock Is Buying 5 Times More ETH Than BTC: Arkham Report

Institutional interest in Ethereum is on the rise, with BlackRock’s recent purchases highlighting a notable shift in focus among institutional investors. The asset managers’ Ethereum inflows have significantly outpaced Bitcoin, revealing a striking preference for ETH over BTC. What’s driving this shift?

BlackRock’s ETH Purchases Eclipse Bitcoin

According to data shared by Arkham Intelligence, BlackRock continues to buy more Ethereum than Bitcoin. In an X post, Arkham Intelligence revealed that the investment giant has purchased $547M worth of ETH.

At the same time, the firm’s Bitcoin investment stands at $497M, $50 million less than its ETH holdings. This is based on the net inflows that the asset manager recorded for its crypto funds on July 17. SoSoValue data shows BlackRock’s Ethereum ETF took in $546.70 million while the Bitcoin ETF took in $497.30 million.

Notably, this data suggests that BlackRock’s Ethereum purchases are five times greater than its Bitcoin buys. The Arkham X post read,

BlackRock’s purchase of over half a billion dollars of ETH ($547M) exceeded its Bitcoin inflow ($497M) by $50 Million USD. Weighted by market cap, BlackRock is buying over 5 TIMES the amount of ETH compared to BTC.

This data further reiterates CoinGape’s previous report that identified BlackRock’s preference for ETH over BTC. Since the onset of July, there has been a visible shift in BlackRock’s focus, with its ETH inflow growing compared to the pioneer crypto. At the time, BlackRock’s ETH holdings were valued at $156 million, compared to $125 million in BTC holdings.

Significantly, BlackRock’s Ethereum preference is further bolstered by the recent filing to include staking in its iShares Ethereum ETF. Reportedly, Nasdaq is proposing to remove a clause that prohibits staking of ETF assets and instead add a new clause allowing it.

It is also worth noting that the Ethereum ETF experienced its best week of inflows last week, and these figures are likely to continue rising due to optimism about the SEC’s potential approval of staking for the fund.

BlackRock Is Not the Only One as Institutions FOMO Buy ETH

Interestingly, BlackRock’s Ethereum purchase aligns with the growing trend of institutional ETH accumulation. For instance, public companies like Bitmine Technologies and SharpLink Gaming are increasingly acquiring ETH.

Notably, the surging bullish sentiment surrounding the Ethereum token has remarkably contributed to the institutional interest in ETH. The asset manager’s Ethereum buy coincides with the prevailing uptrend, with the token trading around the $3,600 mark. At press time, the token is valued at $3,624, up 6%. Over the past week and month, the altcoin has secured massive gains of 21% and 46%, respectively.

In addition, whale activity has been on the rise, with large wallets accumulating ETH. This trend is reflected in the increasing number of dormant whales resurfacing now.